by Marc Bastow | August 12, 2013 4:59 pm
With very little economic or earnings news one way or another to build momentum, stocks started out the week mostly directionless.
The Nasdaq, which traded ahead the entire day, finished that way, closing up 0.27% at 3669.95. The Dow Jones Industrial Average rallied in the late afternoon to finish down marginally at 15419.68, while the S&P 500 closed down 0.12% at 1689.47.
Corporate news was the big day’s market driver. Fresh fruit and vegetable producer Dole (DOLE) rose more than 5% after chairman and CEO David Murdock announced he would take the company private in a $1.6 billion transaction that values Dole at $13.50 per share, including the assumption of debt. Dole closed right at that buyout level.
BlackBerry (BBRY) shares rose more than 10% after reporting it was putting itself up for sale. BBRY has created a special committee to look into all options available to help save it, one of which is a sale.
Apple (AAPL) improved by nearly 3% on reports that it will start selling its new iPhone in September. The iPhone news trumped an IDC report showing that Samsung (SSNLF) cut into second-quarter iPad sales, with Apple’s share of the market falling from 60% in the year-ago period to around 33%.
Analyst reports moved individual stocks, with LinkedIn (LNKD) moving ahead nearly 3% after Needham & Company moved the stock up to “buy” from “neutral.” LNKD is now up more than 100% year-to-date.
Meanwhile Krispy Kreme (KKD) also saw a nice pop on an update, rising more than 5% after Janney Capital moved the stock up from “neutral” to “buy.”
Of course analyst reports cut both ways, and the red-hot shares of electric car manufacturer Tesla (TSLA) took a breather, falling more than 3% after Lazard Capital lowered its rating from “buy” to “neutral.”
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL.
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